Zacks: Analysts Anticipate Allstate Corporation (The) (ALL) Will Announce Quarterly Sales of $8.35 Billion

Wall Street analysts predict that Allstate Corporation (The) (NYSE:ALL) will post sales of $8.35 billion for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Allstate Corporation (The)’s earnings, with the lowest sales estimate coming in at $8.32 billion and the highest estimate coming in at $8.39 billion. Allstate Corporation (The) reported sales of $9.19 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 9.1%. The firm is scheduled to report its next earnings results after the market closes on Wednesday, November 1st.

According to Zacks, analysts expect that Allstate Corporation (The) will report full-year sales of $8.35 billion for the current financial year, with estimates ranging from $33.35 billion to $37.92 billion. For the next year, analysts expect that the firm will post sales of $35.44 billion per share, with estimates ranging from $34.24 billion to $38.54 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Allstate Corporation (The).

Allstate Corporation (The) (NYSE:ALL) last released its earnings results on Tuesday, August 1st. The insurance provider reported $1.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.48. Allstate Corporation (The) had a return on equity of 12.73% and a net margin of 7.02%. The business had revenue of $8.02 billion for the quarter, compared to the consensus estimate of $7.99 billion. During the same period in the previous year, the company posted $0.62 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year.

ALL has been the topic of a number of analyst reports. Citigroup Inc. lifted their price target on Allstate Corporation (The) from $88.00 to $94.00 and gave the company a “buy” rating in a report on Friday, April 7th. Macquarie downgraded Allstate Corporation (The) from an “outperform” rating to a “neutral” rating and lifted their price target for the company from $78.00 to $81.00 in a report on Tuesday, April 18th. They noted that the move was a valuation call. Zacks Investment Research downgraded Allstate Corporation (The) from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Wells Fargo & Co reiterated a “buy” rating on shares of Allstate Corporation (The) in a report on Wednesday, May 3rd. Finally, MKM Partners reiterated a “buy” rating and issued a $100.00 price target (up from $90.00) on shares of Allstate Corporation (The) in a report on Thursday, May 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $89.38.

Allstate Corporation (NYSE ALL) traded up 0.31% during midday trading on Monday, reaching $94.22. The company’s stock had a trading volume of 1,486,353 shares. The company has a market cap of $34.05 billion, a P/E ratio of 13.92 and a beta of 1.10. Allstate Corporation has a 12-month low of $66.55 and a 12-month high of $94.49. The firm has a 50 day moving average price of $89.06 and a 200-day moving average price of $83.42.

Allstate Corporation (The) announced that its Board of Directors has approved a share buyback program on Tuesday, August 1st that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the insurance provider to reacquire up to 63% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Thursday, August 31st will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $1.48 dividend on an annualized basis and a yield of 1.57%. Allstate Corporation (The)’s dividend payout ratio is currently 21.86%.

In other Allstate Corporation (The) news, insider Sanjay Gupta sold 16,578 shares of Allstate Corporation (The) stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $90.74, for a total transaction of $1,504,287.72. Following the completion of the sale, the insider now owns 68,780 shares of the company’s stock, valued at approximately $6,241,097.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Harriet K. Harty sold 7,228 shares of Allstate Corporation (The) stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $88.35, for a total value of $638,593.80. Following the sale, the insider now directly owns 18,260 shares of the company’s stock, valued at approximately $1,613,271. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 170,677 shares of company stock valued at $14,975,887. 1.58% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the company. Tocqueville Asset Management L.P. boosted its stake in shares of Allstate Corporation (The) by 1.2% in the second quarter. Tocqueville Asset Management L.P. now owns 29,906 shares of the insurance provider’s stock worth $2,645,000 after buying an additional 360 shares in the last quarter. Mosaic Family Wealth LLC boosted its stake in shares of Allstate Corporation (The) by 80.4% in the second quarter. Mosaic Family Wealth LLC now owns 8,526 shares of the insurance provider’s stock worth $754,000 after buying an additional 3,800 shares in the last quarter. Pax World Management LLC boosted its stake in shares of Allstate Corporation (The) by 11.4% in the second quarter. Pax World Management LLC now owns 2,941 shares of the insurance provider’s stock worth $260,000 after buying an additional 300 shares in the last quarter. Peddock Capital Advisors LLC boosted its stake in shares of Allstate Corporation (The) by 1.9% in the second quarter. Peddock Capital Advisors LLC now owns 13,305 shares of the insurance provider’s stock worth $1,177,000 after buying an additional 245 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its stake in shares of Allstate Corporation (The) by 0.3% in the second quarter. State Board of Administration of Florida Retirement System now owns 593,868 shares of the insurance provider’s stock worth $52,522,000 after buying an additional 1,883 shares in the last quarter. 76.36% of the stock is owned by institutional investors.

Allstate Corporation (The) Company Profile

The Allstate Corporation (Allstate) is a holding company for Allstate Insurance Company. The Company’s business is conducted principally through Allstate Insurance Company, Allstate Life Insurance Company and other subsidiaries. It is engaged in the property-liability insurance business and the life insurance, retirement and investment products business.

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